(1) Non-GAAP measure. See "Non-GAAP Measures" section within this document.
(2) Calculated using shares outstanding of PetroBakken Energy Ltd. prior to the reorganization in December 2012.
(3) Consists of common shares, stock options, deferred common shares, incentive shares and convertible debentures as at the period end date.
(4) Dividends paid out by PetroBakken Energy Ltd. prior to the reorganization in December 2012.
(5) Shares outstanding at December 31, 2011 are the PetroBakken Energy Ltd. shares outstanding. See "Reorganization".
(6) Six Mcf of natural gas is equivalent to one barrel of oil equivalent ("boe").
(7) Net of transportation expenses.
PetroBakken Energy Ltd. is an oil and gas exploration and production company combining light oil Bakken and Cardium resource plays with conventional light oil assets, delivering industry leading operating netbacks, strong cash flows and production growth. PetroBakken is applying leading edge technology to a multi-year inventory of Bakken and Cardium light oil development locations, along with a significant inventory of opportunities in the Horn River and Montney gas resource plays in northeast BC. Our strategy is to deliver accretive production and reserves growth, along with an attractive dividend yield.
Non-GAAP Measures. This press release contains financial terms that are not considered measures under IFRS, such as funds flow from operations, adjusted net income, funds flow per share, adjusted net income per share, dividends paid, dividends paid per share, cash dividends paid, cash dividends paid per share, payout ratio, cash payout ratio, net debt, total debt, operating netback and net capital expenditures. These measures are commonly utilized in the oil and gas industry and are considered informative for management and stakeholders. Specifically, funds flow from operations reflects cash generated from operating activities before changes in non-cash working capital. Funds flow per share is calculated as funds flow from operations divided by the weighted average number of shares outstanding based on the PetroBakken Energy Ltd. shares outstanding prior to the reorganization. Adjusted net income is determined by adding back to net income from continuing operations any losses or deducting any gains on the derivative liabilities, adding back any losses or deducting any gains on settlement of convertible debentures, adding back impairments and non-controlling interest. Dividends paid are the dividends paid by PetroBakken Energy Ltd. prior to the reorganization in December 2012. Dividends paid per share reflects total dividends paid divided by the total shares outstanding in PetroBakken Energy Ltd. prior to the reorganization. Cash dividends paid are cash dividends paid by PetroBakken Energy Ltd prior to the reorganization. Cash dividends paid per share reflects cash dividends divided by the total shares outstanding in PetroBakken Energy Ltd. prior to the reorganization. Payout ratio is determined as dividends paid as a percentage of funds flow from operations. Cash payout ratio is determined as cash dividends paid as a percentage of funds flow from operations.
Management considers funds flow from operations, funds flow per share, adjusted net income, adjusted net income per share, dividends paid, dividends paid per share, cash dividends paid, cash dividends paid per share, payout ratio, and cash payout ratio important as it helps evaluate performance and demonstrate the ability to generate sufficient cash to fund future growth opportunities, pay dividends and repay debt. Net debt includes bank debt outstanding (excluding any amounts held by Petrobank Energy and Resources Ltd. prior to the reorganization) plus accounts payable less accounts receivable and prepaid expenses. Total debt includes net debt plus the full value outstanding on the convertible debentures converted to Canadian dollars at the exchange rate on the period end date. Net debt and total debt are used to evaluate PetroBakken's financial leverage. Profitability relative to commodity prices per unit of production is demonstrated by an operating netback. Operating netback reflects revenues less royalties, transportation costs, and production expenses divided by production for the period. Net capital expenditures represent capital expenditures from continuing operations, including exploration and evaluation expenditures, less proceeds from asset dispositions. Funds flow from operations, funds flow per share, adjusted net income, adjusted net income per share, dividends paid, dividends paid per share, cash dividends, cash dividends per share, payout ratio, cash payout ratio, net debt, total debt, operating netbacks, and net capital expenditures may not be comparable to those reported by other companies nor should they be viewed as an alternative to cash flow from operations or other measures of financial performance calculated in accordance with IFRS. Further information in respect of these non-GAAP measures is set forth in our MD&A.
Most Popular Stories
- Bipartisan Budget Deal Gets Key Support in House
- GM to Stop Making Autos in Australia
- Clinton to Keynote Annual Simmons Leadership Conference
- Bitcoin Clones Lurch Onto Financial Scene
- Selena Gomez, Shakira Among Top Hispanic Searches
- How Bitcoin and Other Cryptocurrencies Work
- PhD Project Grooms Business Profs
- It's Primary Time in Texas
- How to Survive a Subzero Stranding
- N.M. Dems Say Nonprofit Helping Martinez Campaign